Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Bank On It
By
Jen Chung
Published Jul 5, 2007
Modified Mar 7, 2008
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Jen Chung
Published Jul 5, 2007
Modified Mar 7, 2008
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
The relatively recent boom of opening bank branches in Manhattan is examined in amNew York. With a 36% increase in Manhattan bank branches between 2000 and 2006, it's hard for many people to walk a block or two without passing at least one (though there are more in places like Midtown or the intersection of Second Avenue and 10th Street). Banks will pay higher rents, which makes landlords less willing to continue to rent spaces to mom-and-pop businesses. And basically, a pun explains why there are so many:
Chase spokesman Tom Kelly...pointed out that "economies of scale" make operating 120 bank branches not that much more expensive than running just 90...
He did say, however, that some neighborhoods may have become "over-banked" in recent years.
"In Manhattan there may be more branches than are necessary overall," he said, "but not too many Chase branches."
Well, of course - although there are Chase ATMs in Duane Reades. And in a four block radius on the Upper West Side, there are three Chase banks, one Citibank, one NorthFork, one Commerce, and one WaMu. Anyway, an interesting stat from the article is there are 4 banks per every 10,000 Manhattan residents, but only 1 bank per every 10,000 Bronx residents.
Last August, a NY Times article wondered if the end of the bank boom was coming soon. It doesn't seem like it.
Photograph of Buddha Bank by S.D. on Flickr
Tagged
amNew York
bronx
coming soon
Duane Reades
flickr
In Manhattan
Last August
manhattan
midtown
Neighborhoods
News: NYC
ny times
people
photos
poll
running
Second Avenue
Take Our Poll
Tom Kelly
Upper West
Upper West Side
WaMu
west side
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
Hochul names NY AG James as special prosecutor on alleged rape case at Cornell University
The governor said she does not have faith that the police and the Tompkins County DA effectively investigated the case.
By
Jon Campbell
Published Oct 1, 2026 at 9:04 p.m. ET
Founder of NYC LGBTQ therapy practice charged with rape after alleged sexual assaults
Joseph LoGiudice is the second therapist at Liberation Psychotherapy to be accused of sexually abusing a patient.
By
Giulia Heyward
News
Founder of NYC LGBTQ therapy practice charged with rape after alleged sexual assaults
Joseph LoGiudice is the second therapist at Liberation Psychotherapy to be accused of sexually abusing a patient.
By
Giulia Heyward
US judge in NY indefinitely blocks ICE from making arrests at immigration courthouses
By
Arya Sundaram
Lawyer challenging NYC rent freeze releases Mamdani officials’ emails and text messages
By
David Brand
Push to strengthen NY sexual assault laws gathers steam after Cornell rape allegations
By
Walter Wuthmann
and
Jon Campbell
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .